Money in international exchange : the convertible currency system by Ronald I McKinnon(
Book
)31
editions published
between
1979
and
2006
in
5
languages
and held by
971 WorldCat member
libraries
worldwide
Focusing on monetization of international trade per se, this text analyses common financial practices of merchants and manufacturers,
commercial banks, and central banks

The rules of the game : international money and exchange rates by Ronald I McKinnon(
Book
)15
editions published
between
1996
and
2006
in
English
and held by
447 WorldCat member
libraries
worldwide
The Rules of the Game brings together essays written over the course of thirty years by a major figure in the field. McKinnon
analyzes and compares a wide variety of important international monetary regimes: the establishment of the gold standard in
the nineteenth century, Bretton Woods, the dollar standard, floating exchange rates, the European Monetary System, and current
proposals for reforming world monetary arrangements. The essays are unique in that they specify precisely the rules of the
game for each international monetary regime - past, present, and future. For ease of reference, the book offers boxed summaries
of each set of rules and then discusses their advantages and disadvantages, from the gold standard down to the author's proposal
for a common monetary standard for the twenty-first century

The unloved dollar standard : from Bretton Woods to the rise of China by Ronald I McKinnon(
Book
)13
editions published
between
2013
and
2014
in
English
and held by
301 WorldCat member
libraries
worldwide
"The world dollar standard is an accident of history that greatly facilitates international trade and exchange-even trade
not directly involving the United States. Since 1945, the dollar has been the key currency for clearing international payments
among banks including interventions by governments to set exchange rates, the dominant currency for invoicing trade in primary
commodities, and the principal currency in official exchange reserves. Although the strong network effects of the dollar standard
greatly increases the financial efficiency of multilateral trade, nobody loves it. Erratic U.S. monetary and exchange rate
policies have continually made foreigners unhappy. A weak and falling dollar led to the worldwide price inflations of the
1970s and contributed to the disastrous asset bubbles and global credit crisis of the noughties -- including the global credit
crunch of 2008-09. Dollar weakness aggravated the postwar world's three great oil shocks in 1973, 1979, and 2007-08. After
2008, the U.S. Federal Reserve Bank's policy of keeping short-term interest rates near zero and out of alignment with emerging
markets on the dollar standard's periphery, makes the international monetary system vulnerable to 'carry' trades: hot money
inflows into the periphery that cause a loss of monetary control, commodity bubbles, and worldwide inflation . When these
carry-trade bubbles suddenly unwind, they can result in huge swings in exchange rates and credit crunches. The asymmetrical
nature of the dollar standard also makes many Americans unhappy because they cannot control their own exchange rate. Under
the rules of the dollar standard game as explained in chapters 2 and 3 of this book, foreign governments may opt to set their
exchange rates against the dollar while, to prevent conflict, the U.S. government typically does not intervene. Nevertheless,
Americans often complain about how foreigners set their dollar exchange rates unfairly. Japan bashing in the late 1970s to
the mid-1990s over the alleged under valuation of the yen, and China bashing in the new millennium over the alleged undervaluation
of the renminbi, are two cases in point. Thus, while nobody loves the dollar standard, the revealed preference of both governments
and private participants in the foreign exchange markets since 1945 is to continue to use it. As the principal monetary mechanism
ensuring that international trade remains robustly multilateral rather than narrowly bilateral, it is a remarkable survivor
that is too valuable to lose and too difficult to replace. This book provides historical and analytical perspectives on the
different phases of the postwar dollar standard in order to better understand its resilience in spite of the great volatility
in today's global monetary system."--Publisher's website